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5 Written questions

5 Matching questions

  1. Kinds of Financial records
  2. Equities
  3. Invoice
  4. Single-entry systems-
  5. Double-entry system accounting equation:
  1. a The monetary value of a property or of an interest in a property in excess of claims or leins against it.
  2. b Assets = Liabilities + Proprietorship (Capital)
  3. c A paper describing a purchase and the amount due.
  4. d Daily journal and checkbook
  5. e is very basic and usually is used in small business. They are inexpensive, easy to us, and require lettle training.

5 Multiple choice questions

  1. Form W-4
  2. A financial summary for a specific period that shows the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period.
  3. recording, classifing, summarizing, and interpreting financial statemends.
  4. is a record that is used to make payments.
  5. Amounts owed to the physician.

5 True/False questions

  1. Employment records includeStatement of income and expense, cash flow statement, trial balance, accounts receivable balance and aging analysis, balance sheet.


  2. Bookkeeping rulesA standard of comparison to make sure answers obtained are accurate.


  3. StatementAn accounting period of 12 months during which a company determines earnings and profit; the fiscal year does not neccessarily begin in January; the business determines the beginnging of its fiscal year.


  4. AssetsThe entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.


  5. All records of employment taxes should be available for review by theIRS